RUBBER supplier Halcyon Agri Corporation on Monday posted a core operating loss of US$2.6 million for the first quarter ended March 31, 2020, reversing from a core operating profit of US$5.6 million a year ago. Read more at The Business Times.
"The Covid-19 crisis and the unprecedented global disruption to industrial and manufacturing activity has had a profound impact on the natural rubber business. We view this pandemic as an acute crisis of unprecedented scale, but also believe that the fundamental demand and supply dynamics of natural rubber remain intact," the company said in its business update on Monday.
Group level guidance on conducting business amid the novel coronavirus situation was issued to all sites, including information on infection prevention measures, procedures for prompt identification and isolation of sick workers, and safe work practices. Separately, Halcyon Agri has initated US$10 million in aggregate operating and capital expenditure reductions for fiscal year 2020 in a bid to address the economic impact of Covid-19. It is also managing its treasury operations to maintain sufficient liquidity headroom across all operating entities, the group said.
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